Who’s watching enough TV? Let’s look at five things you can learn from watching real estate TV shows. Who would have thought somebody would say you need to watch more TV? Can you believe people have glued themselves to their tablets and their phone instead of the shows on the television? The tube can once again be somewhat refreshing.
Utilizing today’s TV shows is a good thing, Let’s explore what we can learn from the shows. For instance, we can find solutions to some challenges we face in the opportunities we come across. We also need to look at how much work is involved in a given transaction, and what we need to put in to make it happen. Let’s take a look, even a real in-depth look into the importance of having the right people around you and why you’d bring them onto your team. You can also pick up a lot of useful tips and market knowledge in the real estate industry from watching related television shows, even examples of work-life balance so let’s explore some of that too.
1)Every deal has its challenges.
Some deals can look fantastic on the surface, and we can get so caught up in the excitement of the deal that we may not look into some of the smaller specific aspects that can create enormous headaches for us down the road. Experienced investors can even make some big mistakes. Being able to take emotion out of it and thinking based on logic is a huge advantage. I learned this specifically from watching a TV show on real estate where there was a ton of pressure on a real estate investor when it came down to crunch time. Ultimately you want to keep a calm, relaxed, collected thought process especially when you’re trying to figure out what the best markets are to invest. Not knowing the Market can be catastrophic. It happened to a guy on a TV show, and it changed my life for the better.
2)How much work is needed to make a deal happen?
There’s this one TV show. It was great because they took out all the fluff. The truth of the matter is this guy got up very early and did all the extras ahead of time to ensure a deal would go through properly. The guy brought up a lot of points that I would otherwise not have even thought to look into myself. They were going the extra mile to rehabilitate this house so it could be flipped reasonably quick. They also made a point of looking into what the house was worth before during and after in case they ran into material supply problems. Materials can fluctuate in price quite a bit depending on what’s happening with the economy these were issues I would never have thought to look into myself. Another friend of mine shared the same suggestion, and it only came down to experience. So you want to have good people around you when making decisions even if it’s just a bounce an idea past them.
3)Teaming up with the right people.
On that same TV show, I was watching with my friend, they spoke about surrounding yourself with people that are smarter than you. The comment came up that if you’re the smartest in the room, you need to leave. So we both raced out of place. It’s the truth though. You want to keep people nearby you can learn from and then apply what you can immediately. I’ve learned a lot of this from the great real estate investor and team player, quarterback of the Dallas Cowboys Roger Staubach. He probably acquired a lot of Team Dynamics while he played with the Dallas Cowboys but the truth of the matter is he got around a lot of successful people in the real estate investment industry, and it paid off very well for him. You need to develop an All-Star team of your own.
4)Having the right market knowledge.
This show went into extensive detail about the importance of having the right market knowledge. There are a few things I always look at when It comes to an understanding my market. After watching this television show, they added another six items to my list of what I needed to look into to not just understand my market but to look deeply into it and dominate it. Knowledge is everything, and it goes back to what we talked about earlier by having the facts because it helps you to take out the emotion out of the deal.
5)Balancing the love of real estate investing with your family life.
Now, to be honest, I’ve learned this isn’t important to some. I’m not sure why this wouldn’t be because it’s imperative to me.
One of the segments explained ways of getting your family involved so that they feel included in the process. It can be helpful in many ways because it allows you to open up the discussions with two things that you’re passionate about, family and investing. In fact, this has allowed me to even learn about deals through connections on my wife’s side of the family. The television show talked about how important family was to Cody Sperber, a very popular real estate Investor. I learned he struggled to balance his passions of family and real estate investing. They covered ways to bring everyone together so that they could have success in real estate and balancing their day-to-day life together.
So the bottom line is if you have a passion, you can feed that desire and pick up a nugget or two from watching a television show on that topic. There is indeed some great content available. As long as you take steps towards action, it would be considered a good thing.